Dubai index recovers from 3-week low

Dubai has rebounded quickly after a few slow weeks, riding on the success of companies like Arabtec and Emaar. The Dubai index rose more than a per cent on Thursday, recovering from their lowest level in three weeks led by property majors like Arabtec and Emaar Properties, even as other markets in the Gulf fell. The Abu Dhabi index, however, fell.
According to Zawya, the Dubai Financial Market General Index ended 1.15% higher at 4,494.37, recovering from a low of 4,387.99, a level last seen on November 6.
Arabtec, which was the most active stock in value, ended 6.15% higher at AED3.95 per share.
“Dubai rebounded after a couple of weak sessions,” said Saleem Khokhar, head of equities at National Bank of Abu Dhabi’s asset management group.
“Arabtec on particular was up due to the resolution of ex-ceo’s stake and wider markets remained nevourness on the back of falling prices and uncertainty over outcome of the Opec meeting,” said Khokhar.